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Mtg purchase apps, Redbook Retail sales, Restaurant sales

Summary:
Purchase apps now down year over year, and less than half of what they used to be pre crisis: Highlights Purchase applications for home mortgages fell 2.0 percent on a seasonally adjusted basis in the December 30 week compared to the level 2 weeks earlier, which was the last prior reading due to the Christmas holiday. The refinance index was down a much sharper 22 percent compared to two weeks ago, as higher interest rates continue to deter refinancing by homeowners to a greater extent than the mortgage applications of home buyers. However, the unadjusted purchase index was down 41 percent compared with two weeks ago, pulling down the year-on-year change into negative territory for the first time in 2016 at minus 1 percent. The average interest rate on 30-year fixed rate conforming mortgages (7,000 or less) halted its steep climb higher and at 4.39 percent was down 6 basis points from the 4.45 percent recorded in the prior week, the highest rate since May 2014. A double mini spike up as happened a year ago, but in general growth remains depressed: Restaurant industry ends 2016 on a sour note By Sarah Whitten Jan 4 (CNBC) – While the restaurant industry struggled with weak sales and traffic throughout 2016, it seems that December, in particular, had the worst same-store sales growth of the year.

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Purchase apps now down year over year, and less than half of what they used to be pre crisis:

Mtg purchase apps, Redbook Retail sales, Restaurant sales

Highlights

Purchase applications for home mortgages fell 2.0 percent on a seasonally adjusted basis in the December 30 week compared to the level 2 weeks earlier, which was the last prior reading due to the Christmas holiday. The refinance index was down a much sharper 22 percent compared to two weeks ago, as higher interest rates continue to deter refinancing by homeowners to a greater extent than the mortgage applications of home buyers. However, the unadjusted purchase index was down 41 percent compared with two weeks ago, pulling down the year-on-year change into negative territory for the first time in 2016 at minus 1 percent. The average interest rate on 30-year fixed rate conforming mortgages ($417,000 or less) halted its steep climb higher and at 4.39 percent was down 6 basis points from the 4.45 percent recorded in the prior week, the highest rate since May 2014.

Mtg purchase apps, Redbook Retail sales, Restaurant sales
A double mini spike up as happened a year ago, but in general growth remains depressed:

Mtg purchase apps, Redbook Retail sales, Restaurant sales

Restaurant industry ends 2016 on a sour note

By Sarah Whitten

Jan 4 (CNBC) – While the restaurant industry struggled with weak sales and traffic throughout 2016, it seems that December, in particular, had the worst same-store sales growth of the year.

Mtg purchase apps, Redbook Retail sales, Restaurant sales

WARREN MOSLER
Warren Mosler is an American economist and theorist, and one of the leading voices in the field of Modern Monetary Theory (MMT). Presently, Warren resides on St. Croix, in the US Virgin Islands, where he owns and operates Valance Co., Inc.

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